Egypt introduces new regulations for consumer finance providers

New guidelines for the formation and licensing of consumer finance providers have been published by Egypt's Financial Regulatory Authority (FRA).

The goal of the FRA's decision, which was reached after reviewing Law No. 18 of 2020 on consumer finance regulation and Law No. 10 of 2009 on the regulation of non-banking financial markets and products, is to give the consumer finance market more structure and clarity.

Companies looking to establish themselves as consumer finance providers must submit an application to the FRA along with a bank deposit certificate proving that the full issued capital has been paid and a certificate from one of the authorized central depository and registration companies proving that the company's securities have been deposited with them, as per the first article of the regulations.